ADAIX vs. ADANX

Last updated Jun 24, 2026

ADAIX (AQR Diversified Arbitrage Fund Class I) and ADANX (AQR Diversified Arbitrage Fund Class N) are both Multistrategy funds from AQR Funds. Both are actively managed. Over the past 10 years, ADAIX returned 6.91%/yr vs 6.64%/yr for ADANX. Their correlation of 0.91 suggests significant overlap in exposure. ADAIX charges 1.38%/yr vs 2.12%/yr for ADANX.

Performance

ADAIX vs. ADANX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Diversified Arbitrage Fund Class I (ADAIX) and AQR Diversified Arbitrage Fund Class N (ADANX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ADAIX having a 3.28% return and ADANX slightly lower at 3.12%. Both investments have delivered pretty close results over the past 10 years, with ADAIX having a 6.91% annualized return and ADANX not far behind at 6.64%.

ADAIX

• 1D: 0.23%
• 1M: 0.23%
• YTD: 3.28%
• 6M: 3.36%
• 1Y: 6.55%
• 3Y*: 6.09%
• 5Y*: 2.97%
• 10Y*: 6.91%

ADANX

• 1D: 0.15%
• 1M: 0.23%
• YTD: 3.12%
• 6M: 3.12%
• 1Y: 6.20%
• 3Y*: 5.79%
• 5Y*: 2.69%
• 10Y*: 6.64%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ADAIX vs. ADANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADAIX AQR Diversified Arbitrage Fund Class I	3.28%	8.03%	3.19%	4.51%	-3.30%	6.27%	25.24%	8.53%	2.19%	5.93%
ADANX AQR Diversified Arbitrage Fund Class N	3.12%	7.75%	2.92%	4.23%	-3.54%	5.99%	24.85%	8.33%	2.02%	5.59%

Correlation

The correlation between ADAIX and ADANX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 15, 2009	0.91

The correlation between ADAIX and ADANX has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

Return for Risk

ADAIX vs. ADANX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ADAIX

ADAIX Risk / Return Rank: 99
ADAIX Sharpe Ratio Rank: 99
ADAIX Sortino Ratio Rank: 99
ADAIX Omega Ratio Rank: 98
ADAIX Calmar Ratio Rank: 99
ADAIX Martin Ratio Rank: 99

ADANX

ADANX Risk / Return Rank: 99
ADANX Sharpe Ratio Rank: 99
ADANX Sortino Ratio Rank: 99
ADANX Omega Ratio Rank: 98
ADANX Calmar Ratio Rank: 99
ADANX Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ADAIX vs. ADANX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Diversified Arbitrage Fund Class I (ADAIX) and AQR Diversified Arbitrage Fund Class N (ADANX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ADAIX	ADANX	Difference
Sharpe ratio: Return per unit of total volatility	4.58	4.33	+0.25
Sortino ratio: Return per unit of downside risk	7.66	7.41	+0.25
Omega ratio: Gain probability vs. loss probability	2.15	2.04	+0.11
Calmar ratio: Return relative to maximum drawdown	14.03	15.90	-1.87
Martin ratio: Return relative to average drawdown	43.41	44.26	-0.85

ADAIX vs. ADANX - Sharpe Ratio Comparison

The current ADAIX Sharpe Ratio is 4.58, which is comparable to the ADANX Sharpe Ratio of 4.33. The chart below compares the historical Sharpe Ratios of ADAIX and ADANX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ADAIX vs. ADANX - Drawdown Comparison

The maximum ADAIX drawdown since its inception was -14.75%, roughly equal to the maximum ADANX drawdown of -14.73%. Use the drawdown chart below to compare losses from any high point for ADAIX and ADANX.

Drawdown Indicators

	ADAIX	ADANX	Difference
Max Drawdown Largest peak-to-trough decline	-14.75%	-14.73%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-0.46%	-0.39%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-1.78%	-1.70%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-7.40%	-7.48%	+0.08%
Max Drawdown (10Y) Largest decline over 10 years	-14.75%	-14.73%	-0.02%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.82%	-3.02%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.15%	0.14%	+0.01%

Volatility

ADAIX vs. ADANX - Volatility Comparison

AQR Diversified Arbitrage Fund Class I (ADAIX) has a higher volatility of 0.39% compared to AQR Diversified Arbitrage Fund Class N (ADANX) at 0.32%. This indicates that ADAIX's price experiences larger fluctuations and is considered to be riskier than ADANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADAIX	ADANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.32%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.06%	1.05%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	1.42%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.61%	2.61%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.32%	4.28%	+0.04%

ADAIX vs. ADANX - Expense Ratio Comparison

ADAIX has a 1.38% expense ratio, which is lower than ADANX's 2.12% expense ratio.

Dividends

ADAIX vs. ADANX - Dividend Comparison

ADAIX's dividend yield for the trailing twelve months is around 2.05%, more than ADANX's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADAIX AQR Diversified Arbitrage Fund Class I	2.05%	2.12%	1.23%	2.74%	0.10%	0.65%	1.60%	2.11%	6.53%	7.17%	7.18%	4.93%
ADANX AQR Diversified Arbitrage Fund Class N	1.80%	1.86%	0.96%	2.47%	0.10%	0.40%	1.33%	1.81%	6.22%	6.84%	6.83%	4.43%

Frequently Asked Questions

Can I hold both ADAIX and ADANX in my portfolio?

ADAIX and ADANX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADAIX or ADANX?

ADAIX has higher volatility (0.39%) compared to ADANX (0.32%). In terms of maximum drawdown, ADAIX dropped -14.75% vs ADANX's -14.73%.

Which has better risk-adjusted returns?

ADAIX currently has the higher Sharpe Ratio (4.58 vs 4.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.